“We need a stimulus bill, and we need it now,” said Jack Bogle, founder of the Vanguard Group.
Bogle said the U.S. is in a deep recession that could turn worse if actions are not taken quickly, and he sees politics getting in the way of solutions.
“There doesn’t seem to be much flexibility in the administration’s program,” he told CNBC. “There are clearly a lot of things that are going to take far too long to work out (and) things that get close to social policy.”
Bogle favors the infrastructure spending and good bank, bad bank parts of Obama’s spending bill, but he thinks there is room for improvement there as well.
“Going bank by bank, creating a series of bad banks, makes a lot more sense,” he told CNBC. “…That’s a little more manageable than putting this thing into one great big pile.”
Bogle predicts the stimulus package will change significantly when it gets out of Congress.
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